Hints for High-Income Individuals
Consider withdrawing retirement funds early. Large retirement account balances left behind when you die may be subject to both estate and income taxes. These taxes can significantly reduce the balance left to your heirs? More...
Do Off-Shore Asset Protection Trusts Really Work?
Offshore asset protection trusts offer businessmen an opportunity to escape from the tax wrath of the IRS. By placing their assets in a foreign jurisdiction, they don't pay any U.S. taxes and they are able to keep their money out of the hands of their creditors...more
Tax Saving Strategies for Business Owners
A few suggestions for individuals with a high income on how to curtail their always increasing tax bill. This should atleast help them get started...more
The sole proprietorship is the simplest form of business entity. Legally speaking, an owner of a proprietorship is inseparable from his company. There may only be one owner at a time of a sole proprietor business...more
Effects of the Death Tax on Family Businesses
A family-owned business stands to lose 55% of all its assets when it passes from one generation to the next. This is due to the federal "death tax" that is applied to the portion of estates that exceed $650,000 (This amount is increased to $675,000 in 2000 and will continue to rise until it reaches $1 million in 2006.)
Tax Repercussions of Trading Property for Stock
>It might seem like a great idea at first but there is a very strict rule involved at the center of trading properties for stock. You don’t want to be paying taxes on the stock that you just bought or the property you just traded in.
Using loophole to Benefit a Corporation and it's Owners
This loophole is simple to setup and follow. All you have to do is to lend your corporation some money. This works as long as you are a shareholder in your company but don’t own more than 50% of the stocks.
Lessen Your Taxes by Owning Your Own Business
The only way the IRS makes money is when you make money. In the case of small businesses this statement can’t be truer. Every year IRS collects close to 50% of their taxes from them.
Is electronic commerce a tax haven?
Under the Internet Tax Freedom Act of 1998, Sec. 102 an Advisory Committee was established to present it’s views on how to handle the local, state, federal, and international taxation of Internet and it’s use.
Figuring Out Your Capital Gains on Stock Sales
Come tax season, investors from around the country need to take out their records of shares and the prices they bought them at to figure out the tax they would pay on them. It's simple if all your stocks were bought at the same time and same price, but if you have a diverse portofolio, you need to be very careful.
Being classified as a trader by the IRS's definition as opposed to an investor can save you a lot of money come tax time. This is because as a trader, you are allowed to deduct all of your investing expenses, including publication subscriptions, your computer equipment and your home office.
Lessening the Tax Burden While Contributing Stock to Charity
Many people like to give to the poor, but like all things related to money, taxes are something always coming to mind even when you are doing charitable work. The reasoning behind that is in order to give money, you need to have money.
What Can I Claim as Capital Assets?
Many of us are under the impression that we know what capital assets are. Many of us will be in for a surprise when we read the following list of what is not considered a capital asset.
Setting Up a Trust for Your Heirs
A trust is a set of instructions created by a legal arrangement that names an individual or institution responsible for distributing assets to beneficiaries. A common reason for setting up an estate plan is to save money on tax liability when the estate is passed on to its recipients.
Very few people over the past few years have exercised their constitutional right to renounce their citizenship. Of those that did, most did so in order to escape the United States tax laws regarding their assets.
Prepare Yourself Today to Minimize the "Death Tax" in the Future
In part due to the more than nine years of US stock market gains coupled with the fact that the economy is in the midst of its longest running expansion ever, the growth of millionaires is creating a new class of Americans who need to be concerned with estate taxes and the infamous "Death Tax."
